TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
VANCOUVER, June 2 /CNW/ - Mineral Hill Industries Ltd. ("Mineral Hill") is pleased to announce that following the acquisition of the "Canadian and Martin McNeely Property" on May 26th, 2010, the Company has become the second largest land holder next to Canada Lithium in Val d'Or, Quebec. The Canadian and Martin McNeely property is located approximately 40 kilometers northwest of the mining town of Val d'Or and approximately 700 meters east-southeast of the old Quebec Lithium Mine property boundary line.
In addition to the Canadian and Martin McNeely property Mineral Hill owns three other Quebec lithium properties (Chubb, International and Athona) consisting of 61 mineral claims covering 2333.45 hectares.
"Mineral Hill is planning to develop a drilling program for its Quebec lithium properties," said John Punzo, President of Mineral Hill Industries. "The Quebec Lithium Mine, which is now owned by Canada Lithium, is considered the biggest lithium carbonate property in the province and is the only lithium mine to have ever reached production in Quebec."
The new property is well located on the contact zone of the Lacorne batholiths and exhibits the potential to host viable lithium mineralization and add more potential to the three lithium properties previously announced by Mineral Hill during the summer of 2009.
The major rock units found on the new property are hornblende granodiorite-monzonite associated with the early intrusive phase of the Preissac-Lacorne Batholith, andesitic to rhyolitic lavas and tuffs (Aurora Group) and metasediments (biotite schists) of the Lac Caste Group. The lithium mineralization is found in granitic pegmatite dykes containing spodumene as the economic mineral.
In 1955, Canadian Lithium Co. Ltd. drilled a total of 66 diamond drill holes in the area of the Canadian Lithium prospect, eight of which are located on newly acquired claims. Best intersections include: 0.98 wt. % Li(2)O/3 m; 0.48 wt. % Li(2)O/6.5 m and 0.51 wt. % Li(2)O/6.5 m. The Martin McNeely prospect is located approximately 700 meters directly east of the Canadian Lithium prospect. Spodumene-bearing granitic pegmatite dykes with secondary lepidolite and molybdenite intersect amphibolitized peridotite and mafic volcanic rocks.
The demand for lithium has been growing in the past years as it is the mineral of choice for use in lithium-ion batteries, in hybrid cars, laptops, cell phones and MP3 players.
Michel Boily, PhD, P. Geo, a "Qualified Person" as such term is defined by National Instrument 43-101, has reviewed and approved the technical information in this news release on behalf of Mineral Hill Industries Ltd.
About Mineral Hill Industries Ltd.
Mineral Hill Industries Ltd. is a Canadian based mineral exploration and development company trading on the TSX Venture Exchange (MHI), the Frankfurt Exchange (N8Z/WKN: AODLHP), and the OTC Pink Sheets (MHIFF). Mineral Hill has accumulated a diversified portfolio of quality lithium and precious metal properties in Canada and the USA. The Company's primary focus is on developing its four hard-rock lithium carbonate exploration projects in Quebec, Canada, its brine lithium property in Nevada, USA, as well as its Praxis Goldfields Project in Northern BC.
Mineral Hill recently completed and filed a NI 43-101 Technical Report on three prospects located near Val d'Or, Quebec which confirmed elevated Li(2)O concentrations. Following completion of the NI 43-101 Technical Report, Mineral Hill is planning the next stage of development for its Quebec lithium prospects in 2010 which will include drilling and expanded exploration. MHI intends to continue developing its gold property assets including the completion of the NI 43/101 report on its Praxis Goldfields Property located in British Columbia.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacyor accuracy of this news release.
SOURCE Mineral Hill Industries Ltd.
For further information: For further information: on Mineral Hill Industries Ltd. and its projects visit the Company's website at www.mineralhill.com or contact: John Punzo, President, Mineral Hill Industries Ltd., Telephone: (604) 685-4170; Michael Johal, Investor Relations, Mineral Hill Industries Ltd., Tel: (604) 630-6792, firstname.lastname@example.org; Investor Relations, Senergy Communications, Shiro Rae, email@example.com, Tel: (778) 331-2031